Europe
Mapfre agrees €85m insurance stakehold in Caixa banks
Spanish insurer Mapfre has agreed to aquire a 50% stake in the insuraance subsidiariers of banks Caixa Manresa and Caixa Tarragona for €85.7m (£74.4m)
Scor Q1 net income falls 61%
High natural catastrophe losses are behind Scor’s reported €36m losses in the first quarter of 2010, according to the company.
Quinn investigation now focuses on loans
The Financial Regulator is concentrating on two areas relating to guarantees given by Quinn Inusrance's subsidiaries to the wider Quinn group as its investigation nears a close.
Gable in new French broking tie-up
AIM-listed Gable has signed a new agreement with its French broker, France Assurance Consultants, to provide a programme of property related risk insurance.
Grant Thornton: some Quinn UK lines will see no rate hikes
The adminstrator of Quinn Insurance has hit back at suggestions it plans wholesale increases across all of its UK business, if and when it is allowed to trade again.
QBE CEO content with alllowances for large claims after $470 Q1 hit
QBE has revealed that its estimated large risk and catastrophe claims, which are defined as net claims of $2.5m and above, for the year to date are $470m. This compares with an estimated net $430m for the same period in 2009.
Admiral CEO bullish despite Confused turnover decreasing 5% in Q1
Henry Engelhardt, Admiral chief executive, this morning said his business had "continued to grow and prosper in the last three months".
Moody’s expects European M&A rebound
Ratings agency Moody’s has predicted an upswing in mergers and acquisitions in the European insurance market in the coming months.
Geneva Association opposes IMF proposal
Insurance think tank, The Geneva Association has issued a letter to the Central Bank Governors of the G20 in which it claims the financial stability tax proposal of the International Monetary Fund fails to adequately address the distinct nature of the…
BPO firm expects to see growth in second half of 2010
Xchanging, the business processing company, today said it expected growth to be weighted towards the second half of 2010 due to the time it takes to conclude deals in its markets, including the London insurance market.
Delta Lloyd unveils board changes
Michiel Delfos has been appointed as the successor of Nathalie de Geus with effect from 15 May 2010.
Generali appoints chairman and chief exec
Generali, the largest Italian insurer, has named Cesare Geronzi, the outgoing chairman of its largest shareholder, Mediobanca, as its new chairman and Giovanni Perissinotto as its sole chief executive.
FSA reassured over Quinn as administrator plans 20% UK rate hikes
The Irish Government has written to the Financial Services Authority to assure it that any funding needs which emerge at Quinn Insurance’s business there will be met.
FERMA welcomes new EU insurance BER
The Federation of European Risk Management Associations has welcomed the adoption of the new EU insurance block exemption regulation by the European Commission on 24 March 2010.
SPB finalises share arrangement
White label insurance specialist Citymain has concluded the sale and purchase of part of its shareholding to the SPB Group, an administrator and provider of affinity insurance programmes to the French banking and finance, IT and mobile sectors.
R&Q acquires La Licorne
Randall & Quilter has acquired a French run-off reinsurer of third party motor business for €3.2m.
Zurich puts quake bill at $200m
Zurich announced today that based on preliminary estimates, it expects aggregate claims payments related to the earthquake in Chile of approximately $200m before tax.
Quinn Insurance administrator prepares staff for cuts
The administrator of Quinn Insurance has indicated that it will have to cut jobs to keep the business viable.
New investment head for Zurich
Zurich has appointed Urban Angehrn to the position of head of investment strategy implementation. He replaces Cecilia Reyes, who has been appointed chief investment officer and member of the group executive committee.
Quinn welcomes regulator's decision
Quinn Insurance has welcomed the Financial Regulator's decision to allow it to begin offering private motor insurance cover for provisional licence holders in the UK.
Willis names new director at first Irish AGM
Willis has appointed Michael Somers as a director of the company and member of the risk committee of the board of directors.
Fitch rates Groupama as an 'A'
Fitch Ratings has today assigned Groupama and four of its core insurance subsidiaries Insurer financial strength ratings of 'A'.
Regulator gives Quinn green light for partial UK underwriting return
The Financial Regulator has today modified the direction issued to Quinn Insurance to permit the company to write motor insurance cover for provisional driver licence holders in the United Kingdom (including Northern Ireland).
Quinn Insurance given £5.5m in UK government grants
Quinn Insurance has received £5.5m in government support in Northern Ireland alone, according to the latest reports.